<h1>Government Implements 12% GST Rate for Manmade Fiber Textiles to Resolve Tax Issues and Boost Competitiveness.</h1> The government has implemented a uniform 12% GST rate across the entire value chain of the manmade fiber (MMF) textiles sector, effective January 1, 2022. This change addresses the inverted tax structure that previously burdened the industry with higher input taxes than on finished products, causing compliance difficulties and blocking working capital. The new rate is expected to reduce compliance burdens, improve clarity, and facilitate growth in the MMF sector, enhancing its competitiveness in global markets. It will also help resolve accumulated Input Tax Credit issues and support the sector's potential as a significant job provider.